WINSTON-SALEM, N.C., June 6, 2018 /PRNewswire/ -- Wake Forest Innovation Quarter today announced the projected sale of Building 23-1 (Bailey South) and the Morris Building on the Bailey Power Plant block to Front Street Capital, which will redevelop the buildings into nearly 100,000 square feet of office and retail space.
The new redevelopment project has commitments from over 25,000 square feet of office users who will occupy the building upon completion.
The $25+ million Front Street Capital project is the second stage in the redevelopment of the entire Bailey Power Plant property. Wexford Science & Technology recently completed its $40 million redevelopment of 23-2, the main 110,000+ square foot facility on the Bailey Power Plant block, which opened in February. Multiple office and retail tenants have already moved in and begun operations, with more announced over the last several weeks.
"This is exciting news for the continued evolvement of Bailey Power Plant and Innovation Quarter," said Graydon Pleasants, head of real estate development for the Innovation Quarter. "The Front Street team has shown a unique vision for redeveloping these buildings that compliments the existing Bailey Power Plant and expands the vision for Innovation Quarter."
Front Street Capital's first phase is the redevelopment of Bailey South (corner of 4th Street and Patterson Ave), incorporating the original 10,000 square foot concrete structure and wrapping it with an additional 55,000-65,000 square feet of new retail and office space. The Morris Building, on the southwest corner of the block, will be redeveloped into over 20,000 square feet of additional retail space following the completion of Bailey South.
"The full development of the Bailey Power Plant block is a game-changer for downtown Winston-Salem," commented Coleman Team, developer of the project with Front Street Capital. "Adding potentially an additional 100,000 square feet of space to the Bailey Power Plant block will create a lifestyle destination for our community and the surrounding region. Ultimately, this project will be the connection point for the broader community to experience the impact of the Innovation Quarter by providing retail, entertainment and culinary opportunities seven days a week."
Stitch Design Shop as the project architect has been integral in turning a concept vision into a building design that will add to the overall vibrancy of the Innovation Quarter.
In addition, Front Street will work together with Wexford to further develop the vibrant outdoor communal spaces, including converting the old train trestles into walkways connected the various buildings.
Construction is expected to begin early fall with projected completion of Bailey South near the end of 2019. Landmark Builders will be the general contractor for both Bailey South and the Morris Building.
About Wake Forest Innovation Quarter
Wake Forest Innovation Quarter (www.innovationquarter.com) in Winston-Salem, North Carolina, is a place for research, business and education in biomedical science, information technology, digital media, clinical services and advanced materials. The Innovation Quarter is a fast growing urban-based district for innovation with approximately 3,700 people working in over 170 companies and five academic institutions with more than 1,800 students seeking advanced degrees and 8,000 people receiving workforce training or small business coaching per year. The Innovation Quarter currently comprises 1.9 million square feet of office, laboratory and educational space on its 330 acres. In addition, there are approximately 770 lofts and condominiums within or close by the Innovation Quarter.
About Front Street Capital
Front Street Capital (www.frontstreetcapitalnc.com) is a full-service development, asset management and private equity real estate company built by industry leading professionals with a drive to produce consistent, income-driven results. Over our history, Front Street Capital has developed or acquired over $400 million in income-producing property primarily across the office, industrial, healthcare, and mixed-use asset classes.
SOURCE Wake Forest Innovation Quarter